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Google is still basically a one-product company: Adwords. (AdSense is very successful, but far less profitable).

Are Adsense and Adwords not just two sides of the same coin? One could not exist without the other.

Not necessarily -- I think if Google only advertised on their search engine they'd still be a multi-billion dollar company. I don't think anything has higher CPM than Google's search.

Adsense, however, does make the platform more enticing to advertisers.

Good point, thank you.

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